PARCHMENT TO BE: Parchment, which makes digital copies of education credential records from colleges, K-12 schools and trade schools, has received $7 million in a credit line from CIBC Innovation Banking.

The Scottsdale, Ariz.-based company claims about 25 percent of secondary and 20 percent of postsecondary schools in the U.S. as network members, according to a statement Wednesday. CEO Matthew Pittinsky co-founded Blackboard.

The company, founded in 2003, previously closed a $12 million round in 2016 and a $6 million round in 2012.